Infosys prices sponsored ADS at $53.50

Infosys Technologies today priced its secondary offering of three crore
American Depository Shares (ADSs) at $53.50 each (excluding underwriting discounts and commissions), taking the aggregate size of the offering to over $1.6 billion (around Rs 7,200 crore).

The ADS issue was priced 3.2% below the closing share price of $55.27 on the Nasdaq yesterday.

As part of the offering, 50 lakh ADSs, representing an equal number of equity shares, would be placed with Japanese investors through a Public Offer without Listing (POWL).

The company would not receive any proceeds of this offering and the entire amount would be distributed to the selling shareholders.

On November 17, the Indian invitation to the offer concluded with 3,477 valid offers for over 8.40 crore equity shares. The unsold shares would be returned to the selling shareholders by December 4.

The combined holdings of all the shareholders who offered their shares in the Indian invitation to offer were 24.61 crore equity shares.

BS reported it first. Read: Infosys brass offers 1.3 crore shares through ADS issue